It looks like you are currently using the default 2 column table in product.tpl. If you want the text to wrap around the image you can reduce the table to 1 column and wrap it in a div tag using css in your skin1.css file. The css you might use would look like this:
Code:
.feature {
}
.feature img {
float: left;
padding-right: 4px;
padding-bottom: 4px;
}
Of course you can call the tag anything you like, I just used feature as an example. You could apply this css to the img tag, but doing that would make all images float left and you might not want that. This way only the images inside this specific tag float left.